Chinese lawmakers are deliberating a draft of the country's first basic law specifically focused on the development of the private sector, Azernews reports, citing Xinhua.

The law will be conducive to creating a law-based environment that is favorable to the growth of all economic sectors, including the private sector, said He Rong, minister of justice, while explaining the draft on Saturday during the ongoing session of the Standing Committee of the National People's Congress, the national legislature.

The draft private sector promotion law covers areas such as fair competition, investment and financing environments, scientific and technological innovation, regulatory guidance, service support, rights and interests protection and legal liabilities.

Lawmakers agreed that the law will be of great significance for further optimizing the environment for private sector development, accelerating the formation of a new development paradigm and driving high-quality growth.

The draft has incorporated suggestions solicited from representatives of the private sector, experts, scholars and the general public, He said.